Quick summary (complete analysis below):
- Interactive Brokers (IBKR): The best options broker overall. Huge access to options, competitive fees, trusted globally.
- DEGIRO: The most user-friendly. Simple platform, good track record, and reliable for getting started.
- Freedom24: Also a good choice for beginners – similar to DEGIRO. User-friendly app, earn interest on idle cash, and a solid selection of U.S. options. New users earn a signup bonus.
- Saxo Bank (Saxo): Best for advanced investors. A professional-grade platform with a massive product range and top-tier reputation. It’s generally more expensive. Best for professionals and diversification.
Note: Although Robinhood and Webull are very popular in the U.S. for options trading, they are not available in Europe. Therefore, we focus on platforms legally accessible to European investors.
How to Choose the Right Options Trading Platform
Choosing the right trading platform can be confusing, especially if you’re just getting started. Which broker can you trust with your hard-earned money? How can you avoid unnecessary fees? How do you pick an app that’s user-friendly yet offers the products and tools you need?
Over the past few years, we’ve spent countless hours researching and comparing various brokers and trading apps across Europe. Our goal is to help you find a platform that matches your investing style—whether you’re a beginner or more experienced.
Here are the key factors we focused on:
- Safety and Reputation: Regulation, track record, and market credibility.
- Costs and Fees: Options contract fees, minimum commissions, currency conversion costs.
- Product Range: Access to U.S.-listed options, plus other assets if you want to diversify.
- Ease of Use and Tools: Interface design, educational content, research tools, and customer support quality.
We’ll also highlight where you can earn interest on idle cash or take advantage of bonuses.
Side-by-side comparison
| Broker | Interest on Idle Cash | Options Trading Fees (U.S.)* | Additional Products |
|---|---|---|---|
| Interactive Brokers (IBKR) | Yes | From $1 per trade, volume-based tiers | Stocks, ETFs, Bonds, Futures, Forex, Funds |
| DEGIRO | No | From ~€0.75/contract + €5/month connectivity fee | Stocks, ETFs, Funds, Bonds, Futures, Warrants |
| Freedom24 | Yes | From $0.65 per contract | Stocks, ETFs, Bonds, Options, Futures |
| Saxo Bank (Saxo) | Yes | From €0.75 per contract | Stocks, ETFs, Bonds, Forex, CFDs, Futures, Funds |
*Approximate costs; always check the broker’s official fee schedule for the most current rates.
Pros and cons of each broker (quick recap)
Interactive Brokers (IBKR): best overall
Founded in 1978 and publicly listed, Interactive Brokers is a global powerhouse. It offers a vast range of products—stocks, ETFs, bonds, forex, futures, and of course, U.S.-listed options. IBKR’s fees are highly competitive, especially for high-volume traders, and it provides a robust trading platform with advanced analytical tools.
They offer tiered pricing for options trades, which means lower costs for high-volume traders (The minimum commission for US options is just $1 per trade).
Pros:
- Excellent reputation and safety profile.
- Extremely wide product selection for long-term diversification.
- Very competitive fees and interest on idle cash.
Cons:
- The platform can be complex for beginners.
- Some learning curve involved.
It’s best for long-term investors and experienced traders who value a reputable, global institution with a massive selection of assets. Ideal if you’re willing to invest time mastering a more sophisticated interface.
DEGIRO: best for simplicity
DEGIRO was among the first low-cost brokers in Europe, breaking down barriers for retail investors. It provides access to U.S. options at relatively reasonable costs, though it includes connectivity fees. The platform is user-friendly, well-known, and trustworthy, making it a solid choice for those who prefer a simpler approach.
Fees for options start from €/£0.75 per contract + €/£5 monthly connectivity fee, making it an valid choice for traders who are just starting their options trading journey.
DEGIRO allows you to trade options in several U.S.-listed option exchange such as CBOE, CME, NYMEX, and more.
However, it’s worth noting that you will be charged €/£1 per contract when exercising an option. Additionally, DEGIRO doesn’t offer as many advanced trading tools as some other platforms, so it might not be the best fit for highly experienced traders looking for complex features.
Pros:
- Well-established and trusted in Europe.
- Good range of products (stocks, ETFs, bonds, options).
- Generally more affordable than traditional banks.
Cons:
- No interest on idle cash.
- Connectivity fees and some costs are not the lowest in the market.
- Fewer advanced tools compared to IBKR.
DEGIRO is best for investors looking for a straightforward, well-known European broker with a decent track record, moderate fees, and a user-friendly platform. Ideal if you want to get started without the complexity of IBKR.
Freedom24: best for simplicity and extra perks
Freedom24 is a newer entrant gaining traction for its diversified product lineup, including U.S. options high interest on your cash. It offers competitive fees and a signup bonus.
If you’re curious about trying new things (like getting in early on fresh public listings) while still being able to trade U.S. options, this platform has a fun mix of features.
Pros:
- Interest on idle cash balances.
- Competitive fees on stocks and options (always check the full fee table).
- Signup bonus.
Cons:
- Shorter track record than IBKR or DEGIRO.
- Less established reputation.
Saxo Bank (Saxo): best for advanced investors
Saxo Bank, founded in Denmark, is a well-established financial institution offering a wide range of products: stocks, ETFs, bonds, forex, CFDs, futures, funds, and options. Its platform is professional-grade, catering to more experienced investors who need robust tools.
Pros:
- Highly reputable and established institution.
- Extensive product range and global market access.
- Professional-level platform and tools.
Cons:
- Options commissions tend to be higher than IBKR or DEGIRO.
- More complex for beginners.
It’s best for advanced investors who value a top-tier European institution, comprehensive product coverage, and advanced tools. Good for those who don’t mind paying a bit more for a professional experience or who wish to diversify their holdings into different brokers.
Robinhood and Webull are not available in Europe
U.S.-based platforms like Robinhood and Webull have made a name for themselves with commission-free options trading. However, these brokers are not accessible to European residents. European investors must focus on platforms available and regulated in their jurisdiction, such as the ones mentioned above.
Conclusion
Your ideal platform depends on what you care about most:
- Want everything under one roof and don’t mind complexity? IBKR.
- Need something simple and proven? DEGIRO.
- Looking for unique perks like interest on idle cash and signup bonus? Freedom24.
- Are you an advanced trader wanting a premium experience? Saxo Bank.
My advice: start small and test the waters. Many of these brokers let you open an account with minimal fuss. See if you like the interface, check how the support team responds, and then decide if it’s the right long-term home for your trading.
Disclaimer: This article is for informational and educational purposes only and does not constitute financial advice. All investments carry the risk of loss. Always conduct your own research and, if necessary, consult a qualified professional before making investment decisions.
Pedro is passionate about finance, marketing, and technology. He is a growth manager at several online projects and a former digital marketer for a fintech company.
